Today is the last trading day of the month ahead of the long Easter Holiday weekend. Yesterday, major indexes were down on higher volume, with the NASDAQ Composite Index off -0.85%, thanks to big breaks in names like AMZN, NFLX, and TSLA, among others. The Dow was off only -0.04% while the S&P 500 was off -0.29% in a retest of its 200-dma.
Futures are trading higher though the material damage done to leading technology names is pronounced with many falling below their respective 50-day moving averages. FAANG stocks have seen troubled times. AMZN continues to weaken in the premarket as concerns mount the Trump administration may go after the company on tax issues. Privacy issues with FB remain a deep concern.
Focus List Notes:
It was another tough day for the list, as big-stock NASDAQ names AMZN and NFLX sold off -4.38% and -4.96%, respectively.
SQ and LITE were also hit hard, down -7.13% and -6.33%, respectively. SQ has pulled back to its prior cup-with-handle breakout point and the 50-dma. LITE has failed to hold the top of its prior base breakout in the 65-66 price area. It appears likely to test its 50-dma.
AMAT, BB, and TEAM have now technically violated their 50-dmas.
NVDA is undercutting its March 2nd low, which could set up an undercut & rally move, although the stock attempted to push back above the March 2nd low yesterday during the day but was unable to hold by the close.
Market Lab Report - Pre-Market Pulse for Thursday, March 29, 2018
| Published: | 29 Mar 2018 08:31 ET |
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